Islamic Development Bank (IsDB) and Islamic Financial Services Board (IFSB) sign a Technical Assistance (TA) Grant agreement for the Final Review of the Ten-Year Framework and Strategy Project for the Islamic Financial Services Industry

The Islamic Development Bank (IsDB) and the Islamic Financial Services Board (IFSB) are pleased to announce the signing of a Technical Assistance (TA) Grant agreement for the Final Review of the Ten-Year Framework and Strategy Project for the Islamic Financial Services Industry. The TA from the IsDB to the IFSB is planned to be implemented up to 31 December 2021.

The TA fund will support the consultancy services, consultative workshops, and the publication of the final report. The main objective of the final review is assessing the progress and current status of the priorities and initiatives recommended in the “Ten Year Framework (2007)” and its “Mid-Term Review (2014) over the past 10 years, and also provide future roadmap for the IFSI. The scope of the project will cover: Islamic banking, Islamic capital market, Islamic insurance (takāful), and Islamic non-banking financial institutions and microfinance.

Regarding the signing of this TA agreement, the Vice President Country Programs, IsDB, Dr. Mansur Muhtar said, “the IsDB is pleased to support this project, which is the culmination of the 10-year IFSI strategy. The Islamic finance industry has evolved enormously over this time with great opportunities but also new challenges and issues. The project is expected to guide the industry in its future trajectory and inform stakeholders of the critical actions needed on our part to ensure its sustainability and growth.”

On this occasion, the IFSB Secretary-General, Dr. Bello Lawal Danbatta stated: “The IFSB is very appreciative of this assistance from the IsDB for this important project; the outcome of which will provide a roadmap for the IFSI to consolidate on the remarkable achievements recorded since the Mid-term review published in 2014.” He further added that “the recommendations from the final review will also be very useful to ensuring the soundness, stability, and resilience of the IFSI especially due to the implication of COVID-19 and digital transformation of operations, supervision, and regulation”. This final review will also provide a basis to developing new strategies and framework for the IFSI in the future.  

This assistance is the seventh TA from the IsDB to the IFSB since the IFSB started operations in 2003. Previous TA were granted to the IFSB in 2004, 2009, 2013, 2015, 2018, and 2019. The IsDB is a full and founding member of the IFSB, and sits on the IFSB Council.